Galaxy Surfactants Limited — Q3 FY26

Galaxy Surfactants reported Q3 FY26 EBITDA of ₹124 crore, up 13% YoY, driven by strong specialty volume growth in India (+35%) and rest-of-world markets, partially offset by continued reformulation pressures from a key Indian tier-1 account and US tariff headwinds. EBITDA per metric ton improved to ₹20,156 from ₹17,527 last year, aided by cost efficiencies and a favorable mix shift toward high-margin prestige specialties. India performance actives declined ~4% due to reformulation, while the specialty segment grew >35%. The US reciprocal tariff reduction from 50% to 18% is a major structural positive, expected to revive pipeline projects from late Q4. However, fatty alcohol prices remain elevated, and the Egypt/AMET region saw high-teens volume decline due to competitive intensity. Management expects gradual recovery in India with new formulations commercializing in Q4, but near-term visibility remains limited. Key risk: sustained high fatty alcohol prices could prolong reformulation and delay volume recovery.